Y. Tuya is 43 years old and lives with her husband and three children in the Chingeltei district of Ulaanbaatar, Mongolia's capital city. Her oldest son, Ganga, has lived and studied in Japan for the past six years, while her younger two daughters attend university and high school in Mongolia. Her husband works as carpenter in a small wooden-products factory in the city. Tuya operates a jeans-selling business out of two rented stalls at a popular indoor market and trade center. She has a shop assistant who helps her operate both stalls. She also supplements her income by working as a Mongolian language teacher at a center for foreign nationals.
Tuya started her jeans business in 2001 and has had much success. Today, her profits average between 400,000 - 500,000 tugrugs per month. She attributes her success to her good management and accounting practices. In the future, Tuya hopes to continue to grow her business so that she can provide for her children's education. As the new school year has just begun, Tuya hopes to purchase more products to sell to the many students who will be buying new clothes this fall and winter. She is requesting a 3,000,000 tugrug loan ($2,150) to buy supplies for her jeans-selling business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.